Cairo – Mubasher: Egyptian Gulf Bank (EG Bank) posted a 5% year-on-year drop in profits for the second quarter of 2017 due to higher income tax expenses, according to a bourse filing on Wednesday.
The bank achieved profits of EGP 139.4 million in the three months ended June 2017, versus EGP 146.8 million in the corresponding period of 2016.
Income tax expenses surged 53% to EGP 95.15 million in Q2-17 from EGP 62.3 million in Q2-16.
In the first half of 2017, net profits rose to EGP 260.6 million from EGP 240.6 million in H1-16.
Consolidated profits amounted to EGP 282.4 million during the six months ended June 2017 from EGP 238.7 million in the same period of the year before.
EG Bank achieved profits of EGP 138.1 million in the three months ended March 2017 from EGP 93.7 million in the same period last year.
